Sterling Rates On The Verge Of A Bullish Rebound?

  • 15 Feb 2019

Kickstart your new year with the best USD50 bonus campaign. Limited-time offer! Get it now!

USD/JPY

 

The USD/JPY pair has begun a bearish reversal after hitting and rebounding from the 61.8 Fibo level. Buyers will likely target the 110.01 price level which represents a key support area for the pair. A break would prove significant. At the same time, RSI has rebounded from the overbought area.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level but again buyers have returned although without any true conviction. There is a chance price action is pushed towards the 1.122 support level. Momentum indicators are bearish and fundamental factors are likely to cause volatility in the pair. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has hit the 50 Fibo level and the pair may respond with a bullish reversal. There appears to be further downside potential in price action with a significant support area at the 61.8 Fibo level and 1.269 support line. RSI has a sharp downward trajectory with further room to drop lower towards oversold conditions.

 

 

 

USD/CHF

 

A bearish reversal appears to be underway as price action turns bearish and approaches the first key support line at the 23.6 Fibo level. RSI has also pulled back from overbought conditions in support of bearish sentiment. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with progressively higher lows and lower highs. A bullish breakout appears to be underway as the pair has broken through the upper resistance line, with the next likely target the 1.334 price level. Momentum indicators support the bullish bias with sharp upward trajectories. 

 

 

 

SILVER

 

Silver has touched and rebounded from the 61.8 Fibo level which may be the bullish reversal which results in the metal returning to the previous uptrend. The 15.59 price level is also a moderate support area which further provides a halt of the bearish pullback.

 

 

 

 

GOLD

 

Gold has broken the 1303.94 price level, yet there is still no strong conviction from buyers to drive price action higher. The metal will likely bounce along this price level in the near term, although, there is a bearish momentum reversal taking place on MACD. 

 

 

 

 

OIL

 

WTI buyers have returned with moderate bullish moves to take WTI beyond $50 per barrel and a descending trendline. A former support area at 55.74 price level will be a target for buyers. Tight trading conditions are reflected in flattening volume and small- bodied candlesticks.

 

 

Sign up to get started

LIQUIDITY
PROVIDERS
Open Demo Account
Open Live Account
Promotions